{"id":52278,"date":"2021-11-03T16:48:03","date_gmt":"2021-11-03T14:48:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52278"},"modified":"2025-09-03T09:28:35","modified_gmt":"2025-09-03T06:28:35","slug":"digital-yuan-transaction-volume-tops-9-5-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/digital-yuan-transaction-volume-tops-9-5-billion\/","title":{"rendered":"Digital yuan transaction volume tops $9.5 billion"},"content":{"rendered":"<p>As of October, about 140 million people opened wallets for the digital yuan and used it for transactions totaling about 62 billion <span data-descr=\"Chinese yuan\" class=\"old_tooltip\">CNY<\/span> (~$9.7 billion), <a href=\"https:\/\/www.reuters.com\/technology\/95-billion-spent-using-chinese-central-banks-digital-currency-official-2021-11-03\/\">Reuters<\/a> reports.<\/p>\n<p>Mu Changchun, head of the Digital Currency Institute at the People\u001fs Bank of China, announced the data at Fintech Week in Hong Kong.<\/p>\n<p>He added that payments in the asset, known as eCNY or DCEP, can already be accepted by about 1.55 million merchants, including utilities, dining, transportation, retail and government services.<\/p>\n<p>Mu Changchun also noted that the official launch date for eCNY has not yet been determined.<\/p>\n<p>The People\u001fs Bank of China began testing the eCNY in 2020. At that time, according to <span data-descr=\"Bank for International Settlements\" class=\"old_tooltip\">BIS<\/span> researchers, 80% of central banks were studying the possibilities of national digital currencies (CBDCs). However, according to many experts, China has progressed the furthest in this process.<\/p>\n<p>The program of the digital yuan experiments gradually expanded. In December 2020, testing involved <a href=\"https:\/\/u1f987.com\/en\/news\/six-banks-to-provide-wallets-for-digital-yuan-tests-in-suzhou\">six largest state-owned banks<\/a>, and by August 2021 access to the asset had been opened to <a href=\"https:\/\/u1f987.com\/en\/news\/chinese-commercial-banks-open-access-to-the-digital-yuan-for-customers\">35 commercial banks<\/a>.<\/p>\n<p>Concerns about lagging behind China in CBDC development were expressed by <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-warn-of-lag-behind-china-in-cbdc-development\">US lawmakers<\/a>. This followed the publication in China of the first white paper on the digital yuan <a href=\"https:\/\/u1f987.com\/en\/news\/pboc-publishes-first-white-paper-on-the-digital-yuan\">.<\/p>\n<p><span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">the Fed<\/span> also said there was a need to <a href=\"https:\/\/u1f987.com\/en\/news\/fed-officials-say-the-united-states-must-win-the-cbdc-race\">win the CBDC race<\/a>.<\/p>\n<p>As reported, the BIS urged central banks to <a href=\"https:\/\/u1f987.com\/en\/news\/bis-urges-central-banks-to-accelerate-cbdc-development\">accelerate the development<\/a> of digital currencies, and the renowned economist Nouriel Roubini predicted <a href=\"https:\/\/u1f987.com\/en\/news\/nouriel-roubini-forecasts-a-total-shift-to-central-bank-digital-currencies\">a widespread shift<\/a> of states to CBDC-based settlements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of October, about 140 million people opened wallets for the digital yuan and used it for transactions totaling about 62 billion CNY (~$9.7 billion), Reuters reports.<\/p>\n","protected":false},"author":1,"featured_media":52279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1369],"class_list":["post-52278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52278"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52278\/revisions"}],"predecessor-version":[{"id":52280,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52278\/revisions\/52280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52279"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}